Bitcoin price plummeted again despite virtual money funds sucking nearly $ 10 billion since the beginning of the year

As of the beginning of the year, virtual currency products and mutual funds have 9.5. net Billion USD, there are only 2 weeks left until the end of 2021 …

Illustration – Photo: Reuters.

Cryptocurrency products and mutual funds surged in net capital last week, but the price of the world’s largest virtual currency, Bitcoin, has fallen well below the $ 50,000 mark.

At more than 7 a.m. (December 14), Bitcoin price was at 46,794, according to data from Coinmarketcap.com U.S. dollar, 6.7% less than 24 hours ago.

Reuters news agency cited data from digital asset management company CoinShares that showed virtual currency products and mutual funds gained 88 net. Million dollars over the past week, despite the recent volatility in Bitcoin price, with the main trend on the downside.

As of the beginning of the year, virtual currency products and mutual funds have 9.5. net Billion USD, while there are only 2 weeks left until the end of 2021. Last year the net capital was 6.7 Billion USD.

Bitcoin price rebounded slightly last week, gaining 1.3% for the whole week, after a 14% drop in the previous week’s sell-off.

Bitcoin price sometimes slipped to 42,000 earlier this month U.S. dollar. In November, the Bitcoin price hit an all-time record of nearly VND 69,000 U.S. dollar. Bitcoin has now fallen by around 32% since that price spike.

Also according to data from CoinShares, the net amount of capital that flowed into Bitcoin products and funds over the past week was 51 Million dollars, which marks the 13th week in a row of the net capital withdrawal of this virtual currency. As of the beginning of the year, Bitcoin products and mutual funds have had 6.5. net Billion USD.

“The Bitcoin price trend remains bearish in the short term. The price dynamics still have to show signs of stabilization in order to recover, ”said a Fundstrat report. “Technical indicators suggest that Bitcoin price could drop another 4-6 days before bottoming out.”

Bitcoin virtual currency price movement since the beginning of the year. Unit: USD / Bitcoin – Source: TradingView.

The world’s second largest virtual currency, Ethereum, has been pulled by investors for 17 Million dollars in the last week. This is the first week that Ethereum products and funds have been withdrawn after 6 consecutive weeks of net capital withdrawal. However, that withdrawal only amounted to 0.09% of total assets managed by Ethereum products and funds.

Some other major cryptocurrencies continue to attract capital, like Solana and Tron, which suck 19 each. Million dollars and 17 Million dollars.

According to CoinShares, Tron’s most recent bull run brought the total value of CoinShares holdings to 92. Million dollarswhat’s more than cardano stocks. Tron is an open source operating system that is based on a decentralized blockchain and is known as a virtual currency “world computer”. Cardano is also a public virtual blockchain currency.